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Try realtor.com’s refinance calculator to find out if you should refinance your home. See how refinancing with a lower mortgage rate could save you money.
Compound interest, albert einstein apocryphally observed, is the most powerful force in the universe. Whether he actually said this, it’s certainly true that interest payments consume an enormous.
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Securing a Lower Interest Rate. One of the best reasons to refinance is to lower the interest rate on your existing loan. historically, the rule of thumb was that it was worth the money to refinance if you could reduce your interest rate by at least 2%. Today, many lenders say 1% savings is enough of an incentive to refinance.
Mortgage refinancing is replacing your current home loan with a new loan. Just like any other loan, you apply for refinancing, which includes a thorough check of your credit, income, employment.
The new mortgage can be shorter or longer. For example, a homeowner can refinance at 15-year fixed loan into a 30-year loan or vice versa. If you find you are having trouble making your mortgage payment, refinancing to a 30-year fixed would lower the amount you have to pay each month.
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The home mortgage refinance calculator will tell you if the amount you save in interest will exceed these refinancing costs.
To refinance your home means to replace your current mortgage loan with a new one. Refinances are common whether current mortgage rates are rising or falling, and you can get one from any bank you.
You are current on your mortgage payments; You have an adjustable rate mortgage or a high interest rate; You have equity built up in your home. Refinance.
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If interest rates have dropped low enough, it may be possible to refinance to shorten the loan term-say, from a 30-year to a 15-year fixed mortgage-without changing the monthly payment by much.
Your needs can change – so can your mortgage loan. Our simplified online application makes refinancing your home loan easy to get started. Apply Now Check Rates Call 1-877-937-9357 or find a mortgage consultant in your area